I heard that I need to open a new bank account if I file for bankruptcy. Is this true?

We strongly recommend that those who file for bankruptcy open a bank account at a new bank if they owe money to their current bank, or have automatic withdrawals set up for your debts.

If you owe money to your current bank, the bank’s computer software may automatically withdraw money from your account once you cease making payments. This is not done deliberately but rather is an automated process that happens before the bank even processes your bankruptcy documents.

If you are thinking of filing for bankruptcy, and owe money to your bank, you should open a new bank account and get your pay cheque switched over to the new account as soon as possible.

We are pleased to offer a free consultation to discuss your options.


BonnieBryan headshoulders 2016

Bonnie K. A. Bryan, CIRP, Licensed Insolvency Trustee


Licensed Insolvency Trustees
Tel: 1-888-455-6060
Fresh start…the road to financial freedom